Mangalore Chemicals
Khanna’s biggest bet among the five is Mangalore Chemicals and Fertilizers, where her holding value currently stands at Rs 146 crore. The Chennai-based investor increased her stake from 3.3% in the June quarter to 4.0% in the September quarter, continuing an accumulation trend that began in 2023.
Part of the UB Group, the company has benefited from strong fertilizer demand, higher capacity utilization, and better working capital management. The firm’s improving balance sheet and consistent operational performance appear to have reinforced Khanna’s conviction.
Prakash Industries
In the metals space, Prakash Industries saw Khanna raise her stake from 2.3% in the June quarter to 2.9% in the September quarter, taking the value of her holding to Rs 84.5 crore. The steel producer has benefited from firm domestic demand and steady prices. Her continued exposure suggests confidence in the industrial and infrastructure upcycle, where steel remains a key beneficiary.
GHCL
Khanna also modestly lifted her holding in GHCL, from 1.1% to 1.2%, with a current value of Rs 74 crore. Operating in soda ash and textiles, GHCL has seen tailwinds from improving industrial demand and stable export markets.
The company’s strong balance sheet and consistent dividend payouts make it a defensive addition, aligning with Khanna’s preference for businesses that generate steady cash flows.
SPIC
Khanna raised her stake in Southern Petrochemical Industries (SPIC) from 1.7% to 3.0%, with a holding value currently around Rs 51 crore. The Chennai-based fertilizer maker has reported improved margins on the back of better gas availability and timely subsidy clearances.
The move suggests Khanna expects the fertilizer demand cycle to stay firm, aided by healthy monsoons and continued government support for urea producers.
Coffee Day Enterprises
Perhaps the most eye-catching move in Khanna’s portfolio reshuffle is her increased position in Coffee Day Enterprises, where her stake rose from 1.6% to 2.2%, valued at about Rs 19.7 crore currently.
The company, long burdened by debt and governance challenges, has shown signs of recovery through debt reduction and operational stabilization. Khanna’s move here looks like a contrarian turnaround bet, a high-risk, high-reward wager on the brand’s revival potential.
A consistent value hunter
Known for her sharp eye for under-the-radar picks, Chennai-based Dolly Khanna has been investing in the markets since 1996, with her portfolio managed by her husband, Rajiv Khanna. Her holdings often lean toward traditional manufacturing, textiles, and chemical names — sectors that have historically outperformed during economic expansions.
As per the latest corporate filings, Khanna publicly holds 11 stocks with a total net worth exceeding Rs 482 crore.
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